It is interesting to read that"Union Bank in San Francisco has
created a new bank account designed for the underbanked.The bank on Tuesday introduced the Union Bank Access Account. The account,
designed for customers with limited means who may not qualify for a traditional
account, will be available in California,
Oregon and Washington.' This is a very thoughtful move and it can work wonders to bring
under banking fold the less privileged and people of small means. It
meets two objectives simultaneously ie to inculcate banking habit among
the people and mobilise savings though in a small way which can be
creatively deployed. The initiative taken by the Union Bank in
California is worth emulating by developing and underdeveloped countries
where they are struggling to make Financial Inclusion a reality.
Congratulations to this food for thought move initiated by the Bank.
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